The Bank of the Philippine Islands (BPI), a subsidiary of the Ayala Group, has announced a strategic partnership with Luna Securities as part of its “open banking” initiative to expand its third-party alliances. BPI, which also owns BPI Securities, a stockbrokerage house that operates the BPI Trade online trading platform, will collaborate with Luna Securities, led by chair John Gatmaytan, to enable BPI’s millions of clients to easily transfer money for trading in the stock market.
BPI President and CEO Jose Teodoro “TG” Limcaoco stated that the partnership with Luna Securities reinforces BPI’s commitment to providing Filipinos with the necessary tools to grow their finances. He expressed excitement about working with more companies to increase their digital reach and advance their digitalization efforts, ultimately promoting financial inclusion.
Previously known as VSec.com under the ownership of the Gaisano family, Luna Securities was acquired by Gatmaytan’s group in 2020 and underwent a name change last year. BPI currently has more than 126 partners in its digital ecosystem, consisting of thousands of business merchants and service providers. The bank’s online arm serves 5.6 million clients.
BPI’s open banking approach aims to establish collaborations with external entities to develop new functions, features, and services that enhance client engagement. This strategy aligns with the bank’s digitalization, customer-centric, and sustainability objectives.
Limcaoco emphasized that BPI seeks to “embed” banking services to make them easily accessible to clients. This includes enabling clients to send and receive money, make purchases, top up e-wallets, apply for insurance, and invest and trade stocks. For instance, BPI offers an online facility called BPI e-Gov, allowing clients to conveniently pay fees to various government agencies while ensuring transaction security through One-Time PIN verification.
Additionally, BPI has launched eDonate, a dedicated portal for charities and sustainability organizations. Looking ahead, Limcaoco emphasized the bank’s commitment to expanding the capabilities of its open banking offerings and enhancing features that deepen the relationship with clients.
Overall, BPI’s partnership with Luna Securities represents a significant step towards realizing its open banking vision and providing innovative financial solutions to its clients.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
